INELTI: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
INELTI
Largest movements
- Tangible fixed assets -€518,145
down €518,145 (-41.9%), from €1.2m to €717,765
of which Land and buildings: -€499,390
- Cash +€330,731
up €330,731 (+121%), from €273,780 to €604,510
mainly Investment in fixed assets (net) (+€480,205) and Other debts (+€116,800)
- Receivables within one year -€52,681
down €52,681 (-98.1%), from €53,726 to €1,045
of which Other amounts receivable: -€52,681
- Contributions -€141,800
down €141,800 (-87.6%), from €161,800 to €20,000
- Other debts +€116,800
new in 2025: €116,800
- Debts after one year -€97,389
down €97,389 (-57.4%), from €169,611 to €72,222
- Profit (loss) carried forward -€90,435
down €90,435 (-516%), from -€17,526 to -€107,961
- Provisions +€150,000
up €150,000, from -€150,000 to €0
- Gross operating margin +€130,361
up €130,361 (+70.0%), from -€186,139 to -€55,778
- Depreciation +€26,758
up €26,758 (+239%), from €11,182 to €37,940
- Other operating charges +€2,563
up €2,563 (+121%), from €2,113 to €4,676
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,796,581 | €1,556,050 | -€240,531 | -13.4% |
| Fixed assets | 21/28 | €1,235,910 | €717,765 | -€518,145 | -41.9% |
| Tangible fixed assets | 22/27 | €1,235,910 | €717,765 | -€518,145 | -41.9% |
| Land and buildings | 22 | €1,203,136 | €703,746 | -€499,390 | -41.5% |
| Plant, machinery and equipment | 23 | €16,606 | €11,866 | -€4,740 | -28.5% |
| Furniture and vehicles | 24 | €16,168 | €2,152 | -€14,016 | -86.7% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €560,671 | €838,285 | +€277,614 | +49.5% |
| Amounts receivable within one year | 40/41 | €53,726 | €1,045 | -€52,681 | -98.1% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €53,726 | €1,045 | -€52,681 | -98.1% |
| Current investments | 50/53 | €230,129 | €231,602 | +€1,473 | +0.6% |
| Cash at bank and in hand | 54/58 | €273,780 | €604,510 | +€330,731 | +121% |
| Deferred charges and accrued income | 490/1 | €3,036 | €1,128 | -€1,908 | -62.8% |
| Total equity and liabilities | 10/49 | €1,796,581 | €1,556,050 | -€240,531 | -13.4% |
| Equity | 10/15 | €1,487,385 | €1,243,991 | -€243,393 | -16.4% |
| Contributions | 10/11 | €161,800 | €20,000 | -€141,800 | -87.6% |
| Reserves | 13 | €1,343,111 | €1,331,953 | -€11,158 | -0.8% |
| Non-distributable reserves | 130/1 | €421,200 | €400,000 | -€21,200 | -5.0% |
| Reserves not available under the articles | 1311 | €421,200 | €400,000 | -€21,200 | -5.0% |
| Tax-exempt reserves | 132 | €347,811 | €334,742 | -€13,069 | -3.8% |
| Distributable reserves | 133 | €574,100 | €597,211 | +€23,111 | +4.0% |
| Profit (loss) carried forward | 14 | -€17,526 | -€107,961 | -€90,435 | -516% |
| Provisions and deferred taxes | 16 | €115,300 | €111,581 | -€3,719 | -3.2% |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Environmental obligations | 163 | €0 | - | = | |
| Deferred taxes | 168 | €115,300 | €111,581 | -€3,719 | -3.2% |
| Amounts payable | 17/49 | €193,896 | €200,478 | +€6,582 | +3.4% |
| Amounts payable after more than one year | 17 | €169,611 | €72,222 | -€97,389 | -57.4% |
| Financial debts | 170/4 | €169,611 | €72,222 | -€97,389 | -57.4% |
| Amounts payable within one year | 42/48 | €24,286 | €128,256 | +€103,971 | +428% |
| Current portion of amounts payable after more than one year | 42 | €14,333 | €6,667 | -€7,667 | -53.5% |
| Trade debts | 44 | €3,443 | €4,730 | +€1,287 | +37.4% |
| Suppliers | 440/4 | €3,443 | €4,730 | +€1,287 | +37.4% |
| Taxes, remuneration and social security | 45 | €6,509 | €60 | -€6,449 | -99.1% |
| Taxes | 450/3 | €6,509 | €60 | -€6,449 | -99.1% |
| Other amounts payable | 47/48 | - | €116,800 | +€116,800 | |
| Non-recurring operating income | 76A | - | €105 | +€105 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,182 | €37,940 | +€26,758 | +239% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€150,000 | €0 | +€150,000 | |
| Other operating charges | 640/8 | €2,113 | €4,676 | +€2,563 | +121% |
| Non-recurring operating charges | 66A | - | €3,969 | +€3,969 | |
| Gross operating margin | 9900 | -€186,139 | -€55,778 | +€130,361 | +70.0% |
| Operating profit (loss) | 9901 | -€49,433 | -€102,364 | -€52,930 | -107% |
| Financial income | 75/76B | €3,961 | €2,945 | -€1,017 | -25.7% |
| Recurring financial income | 75 | €3,961 | €2,945 | -€1,017 | -25.7% |
| Financial charges | 65/66B | €6,365 | €5,778 | -€587 | -9.2% |
| Recurring financial charges | 65 | €6,365 | €5,778 | -€587 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | -€51,837 | -€105,197 | -€53,360 | -103% |
| Transfer from deferred taxes | 780 | €3,719 | €3,719 | = | 0.0% |
| Income taxes | 67/77 | €896 | €116 | -€780 | -87.0% |
| Profit (loss) for the period | 9904 | -€49,013 | -€101,593 | -€52,580 | -107% |
| Transfer from tax-exempt reserves | 789 | €11,158 | €11,158 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€37,855 | -€90,435 | -€52,580 | -139% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.